Appendix II – GAAP Reconciliation to Adjusted EBITDA (Historical) 22 Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as net income (loss) including non-controlling interests, excluding discontinued operations, income taxes, other (income) expense, net, changes in the fair value of contingent earn-out obligations, interest (income) expense, net, loss (gain) on sale of assets, goodwill impairment and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties. However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entity’s financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income (loss), net income (loss), or cash flows as determined under generally accepted accounting principles and as reported by the Company. Year Ended December 31, ($ in thousands) 2008 2009 2010 2011 2012 2013 2014 2015 Net Income (Loss) Including Non-controlling Interests $49,690 $34,182 $14,740 ($36,492) $11,849 $28,556 $28,599 $57,440 Discontinued Operations 107 (1,282) 5,824 4,018 (355) 76 15 - Income Taxes 30,855 20,307 11,193 (5,463) 10,045 18,148 11,614 31,224 Other (Income) Expense, net (68) (17) (247) (934) (145) (204) (91) (76) Changes in the Fair Value of Contingent Earn-out Obligations - - (1,574) (5,528) (662) (1,646) 245 (225) Interest (Income) Expense, net (1,154) 622 1,506 1,758 1,571 1,328 1,840 1,681 Loss (Gain) on Sale of Assets (290) (106) (527) (236) (491) (589) (830) (880) Goodwill Impairment - - - 57,354 - - 727 - Depreciation and Amortization 12,325 12,635 16,718 18,982 20,569 18,554 21,336 23,416 Adjusted EBITDA $91,465 $66,341 $47,633 $33,459 $42,381 $64,223 $63,455 $112,580
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